Short term vacation rentals have become increasingly popular in The Bahamas. Investors are changing their attitude and sometimes switching from long term leases to vacation rentals. Any drawbacks of short term are far out weighed by the premium that is paid. It is a win win situation, with renters paying less and getting more than they would in a hotel and landlords getting a good return on their investment. We have had an increasing number of savvy investors purchasing homes and condominiums with the intent to use them for vacation rentals. It is perfect for foreigners wishing to purchase in The Bahamas. They can purchase a home and then offset any costs by renting it out, blocking off the dates they wish to use it either for themselves or friends and family.
This has been happening for a long time in the Family Islands due to the lack of large hotels but it is now becoming increasingly popular in Nassau, especially with larger families of 5 or more who would have to rent 2 hotel rooms. It is much more cost effective to simply rent a house! Many are ocean front and come fully equipped with kayaks, snorkeling equipment and the like. Owners often provide a car, or even a boat, and if not, they can typically secure excellent rates for their tenants. These homes are perfect for larger families or several couples/friends travelling together because of their space, privacy, price and the ability to explore the island without getting nailed down in a large resort. Renting a car allows for exploring the island and is where you will enjoy some of the local flavor, not seen in the resort scenario.
Aside from the capital, Nassau, other destinations like Hope Town Abaco, Lubbers Quarters, Green Turtle Cay, Guana Cay, Staniel Cay Exuma, Fernandez Bay Cat Island, Deep Water Cay Grand Bahama are all great places to start your search for that second home that may offer you the opportunity to derive income from your purchase.
Dupuch Real Estate offers many opportunities to own a property in the Bahamas that can generate income for the part of the year when you are not here, perfect for your retirement! One exciting area of New Providence that is experiencing great success in the short term market, due in part to the great location, minutes from town and also due to the availability of good deals on suitable short term rental properties, is the Eastern Road.